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RBC to sell RBC Bank USA to PNC Bank - Questions

Last week Royal Bank of Canada announced they will be selling RBC Bank USA to PNC Bank. From what I read, losses from loans from the real estate bubble at RBC Bank USA was the main reason.

I'm not from Canada but I do have a RBC Royal Bank checking account and client/atm card that I opened on a visit many years ago. The balance is small, but I keep it handy. A couple of years ago I opened a checking account, debit card and credit card with RBC Bank USA. The account is their Access USA (Embassy) checking account that lets me transfer money between my Royal Bank checking. An email I got from RBC Bank USA explained they plan to keep the Access USA accounts, and they'll explain it in the coming months. Does anyone know more about this? Do they plan to offer US banking without branches? They also said they plan to still offer their US Dollar Gold Visa Card. I have a regular RBC Bank USA Visa Card, and not the Canadian version, so I'm assuming that will become a PNC Bank Visa Card. In that I'm in a unique situation in that I don't live in Canada but have their Access USA account, I'm hoping they don't throw me in the same boat and convert that to a PNC account. To make matters worse, I am already a checking and credit card customer with PNC. I didn't plan on having my RBC stuff combined into PNC, since they serve different purposes.

I bank with RBC - the reason they are pulling out of the USA is the new laws and the "answers to no one" consumer czar, now a part of the Federal Reserve.

RBC was and is very conservative with their lending. They did purchase a lot of smaller US banks - that's how I ended up with them. I love them. I will be very sorry to see them go.

I started with my bank in 1995 when I moved from another city. At that time it was a small regional savings bank. Later, as the banking laws changed, they were bought out by a larger bank who was then bought out by a larger bank. Fortunately, the local branches kept their management, and they have always been a very nice bank to deal with.

I believe that RBC will do what they say - they just do not want to have to operate a full service bank under US regulations now.

When I logged out of my account, there was a notice "RBC Access USA for Canadians" then a link that said "verify address for announcements regarding the transition of your accounts" http://www.rbcbank.com/transition

In addition to the transition information ( http://www.rbcbankus...cid-275447.html ), they're also putting messages in cross-border clients' online message boxes. The PNC buyout doesn't affect me much, as I'm a U.S. resident who just happens to have a checking account with RBC Royal Bank. I already have U.S. banking relationships (and those credit cards), which may not be the case with their Canadian customers who still need such banking.

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As a highly valued RBC client in both Canada and the U.S., your relationship is important to us and we're committed to fully meeting your banking needs.

As you may know, RBC plans to sell the majority of its U.S. banking operations to PNC Financial Services Group, Inc. (pending regulatory approval). At the same time, RBC is building a new U.S. banking operation to continue delivering superior cross-border banking capabilities and the high level of service you have come to expect from us. As a result, your personal U.S. account(s) will remain with RBC and you will continue to enjoy the convenience of products such as RBC Access USA®, online funds transfer, and integrated Canadian/U.S. contact centre support.

You should have already received a letter from us in September where we asked you to confirm your contact information in order for RBC to communicate with you over the next few months regarding the transition of your account(s). As many clients travel during the winter months and/or have seasonal addresses, we want to ensure that we have your correct information, including your mailing address, email address and phone number(s).

If you have any questions or wish to provide an alternative mailing address please contact
1-800-769-2553.

We will keep you informed throughout the transition to our new U.S. operations. For ongoing updates and information please visit http://rbcbank.com/transition .

We look forward to continuing to serve you with the high quality service you have come to expect from RBC.

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Here's another. I guess they're getting rid of the account aggregation service in preparation for the sale to PNC. It doesn't affect me, as I use such a service elsewhere.

No client action required: Effective December 7, 2011, My View account aggregation will no longer be available to RBC Bank clients to view and manage accounts held with other financial institutions. As of this date, you will notice the 'Online Banking Account Balances' page will no longer display other 'external' financial institution account information. If you are also an RBC Royal Bank client in Canada, you can continue to view and manage your Royal Bank of Canada and RBC Bank accounts using a single online banking screen, including cross-border funds transfer, via One Sign In. You can access One Sign In by clicking on the 'Update Profile' link on the 'Online Banking Account Balances' page. If you have any questions or concerns regarding this change, please contact us at 1-877-RBC Bank (722-2265).

RBC Bank did call me yesterday. They basically informed me of the same information about the transition that's on their website. They're putting a lot of effort into making sure their customers know about this. I guess they don't want a cross-border customer to be surprised when they see RBC Bank branches have vanished. It looks like customers being transferred to PNC Bank will be keeping their account numbers/routing codes. That probably makes it easy for PNC and the vast majority of customers involved in the transition. Customers being retained by RBC need to have new account numbers. I've read the number of cross-border customers is about 200,000, but I'm unsure if that's an accurate figure.

RBC Bank's website does have more specific dates about the transition. Mainly between January 30th and February 17th, cross-border customers will be getting new checks and credit and debit cards (for whatever they have now). Over the weekend of February 17-20, the accounts get transferred. Since the RBC Bank/PNC Bank transition is supposed to happen in March, I'm unsure between then whether RBC Bank branches will still be helping cross-border customers. I'm guessing they won't, as the accounts were transferred to this new RBC entity.

Today RBC Bank to split their cross border customers from the rest of RBC Bank. There are about 160,000 of us. I logged into the new site today. The only thing I did is add another U.S. checking account I have for transferring money. I have to wait for the two small test deposits to verify.

I too am an RBC Bank USA customer, I really doubt there will any branches added in the Southwest. RBC might add a Wealth Management Office in the Southwest, - but I doubt they would add branches after pulling out of the Southeast. If they had an interest in branches - I expect they would have kept the ones they had and attempted to grow their footprint. I expect the references to ATMs - is more a search for a partner similar to PNC to provide Banking Machines accesses to the those in the Southwest. I don't PNC footprint extends into the west at all.